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20110710
20110710
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without crafting the big grand compromise the president and congressionaleaders need to negotiate to raise that limit. they're demanding 2 trillion in spending cut bees made to give the president the increase he wants and the democrats any deal to cut spending has to increed an increase in tax revenue. the big question, going into tonight's meeting is whether a smaller deficit reduction deal is possible. both sides are saying it can be done. failure to do it w wld lead to economic meltdown. >> john, thank you very much. joining me to discuss the road ahead is the white house chief of staff bill ley. thank you very much for joining us. you've heard what jon said. you've seen what speaker boehner did. what's your relakes to the deal nono >> it's very unfortunate the speaker made the comments he has. the president is committed to solving this deficit possible for the future of america. he's looking forward to the meeting to play out his case. he's saying, it is time now to make the tough decisions. in this town, generally they kick the can. nobody wants to do the tough things. he's committed
before the country defaults on its debt? there's a big white house meeting today. >>> on the run, a stunning statement from the country's new secretary of defense. al qaeda's defeat is within reach. is america close to a victory over the terror network? >>> stolen life. kidnapped and held captive for 18 of her 31 years. jaycee dugard speaks exclusively to abc's diane sawyer about what it was like to be a prisoner, now, finally to be fre >> wow. i can walk into the next room and see my mom. wow, i can decide totoump in the car and go to the beach with the girls. wow. >> unbelievable. >> and, royal red carpet. it was the biggest night yet for the royal newlyweds of north america. hollywood's biggggt stars were out. but no surprise, it was kate who stole the show. we are live ininos angeles for will and kate's big hollywood moment. >> announcer: from abc news, this is a special edition of "good morning america," now, live from the belasco theater in los angeles, california, and new york city, weekend anchors bianna golodryga and dan harris. >> good morning, america, you're looking a
big, though the top house republican bailed out last night, saying, it's time for a smaller plan. the white house chief of staff said the president isn't giving up. >> he's not someone to walk away from a tough fight. this is very tough. no question about it. but he didn't come to this town to do little things. he came to do big things. >> reporter: how big? the president was willing to put social security considered a sacred cow to democrats, on the table. as well as major charges to the tax code. his plan would cut the deficit by $4 trillion. twice what republicans pose. here's the standoff. while republicans like the idea of cutting hundreds of billions of dollars from medicaid, medicare and social security, democrats don't. >> we do not support cuts in benefits. >> reporter: and republicans refuse the president's plan to cutting subsidies on oil and gas companies and closing tax loopholes for other businesses. >> to gege a big package would require a big tax increase. we think it's a terrible ideaea it's a job killer. >> reporter: so, republicans want to return to negotiating
. he now wants a smaller deal. the republican leader in the senate also says the big deal is off the table. >> i'm for the biggest deal possible too but we're not going to raise taxes in the middle of this horrible economic situation. >> the the treasury secretary warned some sort of deal must get done. >> they have said that if congress doesn't act by the second they will downgrade our credit, first time in history, and if that happens, you're going to see huge damage across the economy. >> the smaller deal he wants to focus on is a deal that biden discussed. the talks continue tonight. >>> on the the weather front, it has been a beautiful, beautiful day. and sunshine across the state, man, from the beaches to baltimore and all the way west, nothing but sunshine. maryland's most powerful radar crystal clear. most spots definitely hot today but the humidity tolerable. clear and dry. we go to the 80s this evening. dramatically warmer weather. >> warmer? wow. all right. thank you. a dad is being called a hero tonight after rescuing his daughter from a burning car. how the family wa
Search Results 0 to 3 of about 4